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ARTICLE · 24 MAY 2020

CARES Act - The SBA's Paycheck Protection Program - Loan Forgiveness Application Released

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On May 16, 2020, the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury published its Paycheck Protection Program (PPP) Loan Forgiveness Application. Additionally, the Treasury Department...

United StatesCoronavirus (COVID-19)
A&O Shearman
A&O Shearman
Daniel Mitz
Daniel Mitz
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On May 16, 2020, the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury published its Paycheck Protection Program (PPP) Loan Forgiveness Application. Additionally, the Treasury Department stated in a press release that the SBA will issue regulations and guidance to further assist borrowers as they complete their loan forgiveness applications, and to provide lenders with guidance on their responsibilities.

The application provides detail and clarification regarding forgiveness of PPP loans and includes step-by-step guidelines to help borrowers determine their loan forgiveness amount. There are several noteworthy items in the application, including:

  • With respect to calculating payroll costs, a PPP borrower may choose either the eight weeks following loan disbursement or eight weeks (56 days) beginning on the first day of its first pay period following loan disbursement. While the application indicates this alternate calculation

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